In her article on MSN.com’s MoneyCentral, Karen Hube cites postponing estate planning as one of “New Parents’ Top 10 Money Mistakes.” In her online “Wills and Trusts Special”, financial guru Suze Orman states: “If you cannot agree on guardianship for your child, you will be leaving that decision to the state. The state will assign someone to care for your child. Be smart and make that decision before it is too late.”

Advice on how to choose and nominate guardians for your children will be just part of Mr. Printz and Ms. Barron’s 2-hour seminar and workshop. Mr. Printz will discuss the questions most often raised by new parents: Who do I nominate as my child’s guardian? Should that person also control her money? Can my children stay in the family home, or will they be relocated? Ms. Barron will discuss educational financing, 529’s, and UTMA accounts.

Mr. Printz has been an attorney for the past ten years, since graduating in 1999 from San Diego’s Thomas Jefferson School of Law in Old Town. The Law Office of Daniel K. Printz is located at 5631 Palmer Way, Ste. C, Carlsbad, CA 92010. Mr. Printz specializes in estate planning and probate, and for the past three years he has taught “Estates, Wills and Trusts” in the University of San Diego’s intensive paralegal program. Mr. Printz, his wife Erica, and their 2 ½ year old son Samuel live in the Old Creek neighborhood of San Marcos, just west of San Elijo Hills. Mr. Printz can be contacted at (858) 740-4370 or by email at daniel@TheLegacyLawyer.com.

Speaker Daniel K. Printz, Esq., teaches “Estates, Wills and Trusts’ in the University of San Diego’s intensive paralegal program. He will speak on the essentials of estate planning for young families at this seminar – free for Parent Connection members and $10 for non-members.

Wednesday, January 27, 2010. 6:30 p.m. to 8:00 p.m.  Scripps Coastal Medical Center. 2176 Salk Avenue, Carlsbad, CA 92008.  South Entrance.

To register, use this link and find our seminar “Wills and Trusts” through the pull-down menu: http://www.sandiegoparent.com/TPC/event/signup.html

Life insurance is a fantastic tool for these families.  While they remain relatively young and healthy, life insurance can be inexpensive and easy to qualify for.

I recommend obtaining life insurance sufficient to care for your spouse and children for a period of two years without that spouse working.  It’s difficult to overstate the debilitating effect the grieving process can have on a young family.  For two years, free your spouse from the need to (1) work to pay bills and (2) obtain and pay for outside child care.  By obtaining a term life policy for $500,000, $1 million, or even $2 million, a young parent can make sure that their spouse and children are well cared for while they recover.

Please understand – I don’t sell life insurance and I make no money off referrals to life insurance agents.  I’ve just seen how limited assets can compound the devastation of a young person’s sudden death.

Another type of insurance to consider while you’re young is long-term care and disability insurance, to cover events that disable a parent without causing death.

If you can’t decide what type of insurance you might need, or the levels needed, call the Law Office of Daniel K. Printz, or a local life insurance specialist!

In my practice, I try to patiently walk  clients through the maze of choices they need to make as responsible parents.  Here are some of the topics every new parent should consider:

NOMINATING A GUARDIAN: Guardians are persons appointed by a court to care for minors too young to care for themselves. In a guardianship, the court appoints a “guardian of the person”, to make decisions about personal care, such as where the child will live and what kind of care they will receive. The court also appoints a “guardian of the estate” to handle the child’s financial affairs until he or she comes of age.

Choosing a person to nominate as guardian is rarely easy.  The place to nominate a guardian for your child is in your Will. You can use a Simple Will, Husband and Wife Wills, or a Pour-over Will attached to a Revocable Living Trust. The best choice for you will depend on your family and financial situation. We’ll provide you with the help you need to make the choice, and craft a nomination that can survive challenges by surviving relatives who might disagree with your choices.

INCAPACITY DOCUMENTS:  These days, estate planning is not just about your property; it’s also about you.  You may wish to consider signing an advance health care directive, formerly called a “living will”, which specifies your wishes about life-prolonging treatment should you become severely ill. There are also other documents, called durable powers of attorney, which can be used to give those you trust the power to look after your financial affairs while you cannot.  Without these documents, your spouse may not be able to handle all of your affairs!

If you don’t have Incapacity Documents, a court-overseen Conservatorship may be necessary, costing time, money, and invading your personal privacy. By crafting these documents while you are competent you may be saving your family from heartache and grief in the future.

PREVENT SQUANDERING OF ASSETS: Without a Will, or even with a Simple Will or Husband & Wife Wills, your children will be entitled to their whole inheritance when they reach the age of majority. Can you imagine having a windfall when you’re 18?

Sudden wealth and eighteen year-olds rarely go well together. They rarely have the maturity to resist temptation, and some are susceptible to swindlers. Left to his own devices, an eighteen year-old and his money will soon be parted.

Select a Testamentary Trust or Revocable Living Trust to delay the distribution of your assets until your children will be more mature. Also ask your attorney about Spendthrift Provisions, which will prevent your child from pledging his or her inheritance as collateral for a loan!

PRESERVE YOUR PROPERTY FOR YOUR CHILDREN: It’s important to minimize costs of administering your estate. There are many different costs associated with the passing of property on death. Doing nothing is the most inefficient way of going about things: a sizable portion of your estate may go to the government or lawyers, rather than to those you love.

With proper planning, some of these costs (such as probate fees) are completely avoidable. Others (such as federal estate tax) can be minimized. Without estate planning, though, you will leave less for your family.

Probate Fees are set by law in California and are based on your GROSS estate, without taking into account mortgages or other debts! Here is a chart that illustrates why you need to ask the Law Office of Daniel K. Printz to help you avoid probate:

Fair Market Value        Probate Fees                         Percent of Estate Lost

$200,000                        $14,000                                                     7%

$600,000                        $30,000                                                     6%

$1,000,000                     $46,000                                                     5%

$4,000,000                     $66,000                                                     3%